Swyftx vs Independent Reserve: Which Is The Right One?

Here’s Our Verdict

Swyftx shines with its user-friendly approach, modern interface, and extensive customer support, while Independent Reserve is preferred for more seasoned traders and institutional investors. Swyftx is so innovative and enjoyable to use, it’s also a great CoinSpot alternative.

‍

Overall winner: Swyftx 🏆

‍

Swyftx vs Independent Reserve: Products and Services

As covered in our Swyftx review, the platform is more advantageous for retail traders, whereas Independent Reserve markets itself toward retail and institutional clients. 

Swyftx’s platform features a top crypto demo mode, and tax reporting tools, which cater to individuals seeking a comprehensive solution for their cryptocurrency trading experience. If you want to trade digital currencies with AUD then Swyftx provides all the features needed to accomplish this.

‍

‍

In contrast, Independent Reserve offers features that aren’t necessarily everyday-focused. Advanced capabilities like API access, customised SMSF support, OTC trading and leverage trading (5X) may not suit the majority of Australians. 

‍

‍

But at least it does something different. With its leveraged trading feature, you can trade cryptocurrencies with borrowed funds, allowing you to open positions larger than your initial capital. This is particularly appealing for traders who look at short-term market movements.

Independent Reserve also offers a crypto-linked debit card, providing users with an easy way to spend their digital assets in the real world. 

‍

Winner: Swyftx 🏆

‍

You might be interested in this: Swyftx vs. CoinSpot: Which Exchange Is Better For Altcoins?

‍

Swyftx vs Independent Reserve: Deposit Methods

Swyftx supports a variety of deposit methods, including bank transfers, PayID, and debit/credit cards. Depending on the method, all deposits are processed quickly and typically appear in your account within minutes. Independent Reserve offers fewer options, with PayID and bank transfers being the primary methods available.

For ease and speed, Swyftx is the winner here, especially for those who prefer the flexibility of using multiple deposit options. However, Independent Reserve ensures that its processes are secure and reliable, catering to traders who prioritise safety over speed.

‍

Winner: Swyftx 🏆

‍

Swyftx vs Independent Reserve: Supported Cryptocurrencies and Trading Pairs

Swyftx dominates this category with its offering of over 440 cryptocurrencies, including major coins, altcoins, and DeFi tokens. This makes it an excellent choice for those who want access to a diverse portfolio. 

Independent Reserve, limited to about 30 cryptocurrencies, focuses on high-liquidity assets, ensuring that trades are executed smoothly with minimal slippage.

If you're looking for variety and want to explore smaller altcoins, Swyftx is your go-to. For institutional investors or traders sticking to mainstream coins, Independent Reserve’s selection suffices.

‍

Winner: Swyftx 🏆

‍

Swyftx vs Independent Reserve: Ease of Use

Swyftx is known for its intuitive design, making it one of Australia's most user-friendly crypto platforms. The straightforward platform offers features like a demo account and an easy-to-navigate interface. You only need to spend a little time understanding where the features sit - well-designed. 

‍

‍

Independent Reserve, while professional, takes on more of an outdated interface. This doesn’t mean it’s cumbersome, but you’ll feel more at ease using Swyftx. 

If simplicity and a user-friendly experience matter to you, Swyftx is the clear winner. However, if you value robust tools and customisation, Independent Reserve could be a better fit.

‍

Winner: Swyftx 🏆

‍

Swyftx vs Independent Reserve: Fees

Swyftx operates on a flat 0.6% trading fee, with low spreads and no hidden charges. Like its competitor, these can be reduced depending on trading volume. 

Independent Reserve’s fees vary depending on trading volume, starting at 0.5% and decreasing as your trading volume increases. 

‍

‍

With both platforms offering the same fee structure, Independent Reserve comes out cheaper with a maximum charge of 0.5% per trade. 

‍

Winner: Independent Reserve 🏆

‍

Swyftx vs Independent Reserve: Mobile Apps

Both platforms offer mobile apps, but Swyftx’s app is better optimised for everyday Australians, providing access to all essential features, including staking and tax tools. Independent Reserve’s app is functional but lacks some of the advanced tools found on the desktop version.

For mobile-first users, Swyftx delivers a smoother experience, while Independent Reserve’s app is adequate for monitoring and basic trades.

‍

Winner: Swyftx 🏆

‍

Swyftx vs Independent Reserve: Customer Service

Swyftx sets a high standard with live chat support, quick response times, and educational resources for new users. Independent Reserve provides email support and a comprehensive help centre but lacks the immediacy of live chat.

If customer support is a priority for you, Swyftx offers a more responsive and accessible experience, particularly for retail traders needing extra guidance.

‍

Winner: Swyftx 🏆

‍

Swyftx vs Independent Reserve: Comparison Outcomes

Choosing between Swyftx and Independent Reserve depends on your needs. If you need a user-friendly platform with a wide variety of coins, TradingView charting and excellent customer support, Swyftx provides all of this. 

Swyftx offers a more versatile and enjoyable trading experience for most everyday traders. However, Independent Reserve's focus on professional tools and institutional support cannot be overlooked if you fit their target demographic.

‍

Start a Trading Platform

If you’re considering starting your own crypto platform in Australia or abroad, why not build a business tailored to your customer base? HollaEx® offers highly customizable currency exchange software designed to meet the unique needs of your business and users.

Whether you want to emulate Swyftx’s user-friendly approach or offer professional, low fee trading tool like Independent Reserve, HollaEx® provides the flexibility and scalability to design a platform that meets your unique goals. From customizable trading interfaces, trading fees, profit spreads, to multi-blockchain asset support and fiat on/off ramps, HollaEx® empowers you to build an exchange tailored to your vision.

‍

***

‍

We aim to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. We do not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

‍

‍